Financial Statements - Mewah Group

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MEWAH INTERNATIONAL INC. ANNUAL REPORT 2011 Independent Auditor’s Report To the Members of Mewah International Inc. Report on the Financial Statements We have audited the accompanying financial statements of Mewah International Inc. (the “Company”) and its subsidiaries (the “Group”) set out on pages 49 to 132, which comprise the consolidated statement of financial position of the Group and statement of financial position of the Company as at 31 December 2011, the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group for the financial year then ended, and a summary of significant accounting policies and other explanatory information. Management’s Responsibility for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with Singapore Financial Reporting Standards, and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair profit and loss accounts and statement of financial positions and to maintain accountability of assets. Auditor’s Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with Singapore Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements of the Group and the statement of financial position of the Company are properly drawn up in accordance with Singapore Financial Reporting Standards so as to give a true and fair view of the state of affairs of the Group and of the Company as at 31 December 2011, and the results, changes in equity and cash flows of the Group for the financial year ended on that date. PricewaterhouseCoopers LLP Public Accountants and Certified Public Accountants Singapore, 15 March 2012 48
Building Capabilities Consolidated Income Statement For the financial year ended 31 December 2011 Note 2011 2010 US$’000 US$’000 Revenue 4 4,467,933 3,533,071 Cost of sales 5 (4,282,314) (3,266,821) Gross profit 185,619 266,250 Other income 6 7,873 5,161 Expenses - Selling and distribution expenses (109,747) (96,058) - Administrative expenses (64,685) (62,039) - Other operating gains 7 31,868 5,150 - Finance costs 8 (12,887) (9,779) Share of profit of associate 123 3 Profit before tax 10 38,164 108,688 Income tax credit/(expense) 11 1,094 (16,248) Profit after tax 39,258 92,440 Profit after tax attributable to: Equity holders of the Company 42,245 92,352 Non-controlling interests (2,987) 88 39,258 92,440 Earnings per share attributable to equity holders of the Company (expressed in US cents per share) - Basic and diluted 12 2.80 7.08 The accompanying notes form an integral part of these financial statements. 49
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Financial Statements - Mewah Group

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